27-28-29 February 2020 | Tuyap Exhibition Center | Istanbul | Turkey

5th International Exhibition for Fastener and Fixing Technology

The Fasteners Market in Turkey

Turkish Market Overview

Turkey is the sixth largest economy compared to EU countries, supported by a strong automotive and machinery sector, which is driving up industrial fastener demand.

Turkey is the sixth largest economy compared to EU countries, supported by a strong automotive and machinery sector, which is driving up industrial fastener demand.

Turkey is the sixth largest economy compared to EU countries, supported by a strong automotive and machinery sector, which is driving up industrial fastener demand.

Ranked the fifth biggest producer of motor vehicles in Europe and fifteenth in the world in 2018, key automotive manufacturers base their R & D, design and engineering activities in Turkey.

Turkey is also a leading machinery manufacturer, ranked the sixth largest in Europe, with machinery, electrical machinery and equipment exports worth $24.5 billion in 2018, accounting for 14.6% of total exports. The value was up 14.5% on 2017 levels.

The iron and steel industry plays a key role in the Turkish economy too, with the country being the eighth biggest steel producer worldwide in 2018. Exports were worth $11.6 billion, making up 6.9% of total exports. It was the fastest growing export sector that year, up 40.6% on 2017 levels.

The construction and contracting sector is another important industry for Turkey, ranked 28th in the world.

These sectors are major users of industrial fasteners, making Turkey a key market for industrial fasteners and the outlook is positive.

Despite a recent slowdown, Turkey’s GDP reached $2.29 trillion in 2018 (PPP), and it is forecast to rise by 2.2% in 2020. It has a customs union with the EU, enabling it to increase industrial production for exports, with its main export partners being Germany, the UK, UAE, Iraq, Italy, France and Spain. Its key import partners are China, Germany, US, Italy and Russia.

Turkish Industrial Fastener Facts and Figures

  • Turkish industrial fastener sales are set to climb by 26.4% from 2020 to 2025, to reach $1.34 billion, driven by growth in manufacturing activity, a study on industrial fasteners by the Freedonia Group shows.
  • Out of this total, standard fastener sales will reach $1.32 billion, with externally threaded fasteners accounting for the biggest chunk of this at $755 million. Likewise, the global fastener market is predicted to expand at a rate of 4% annually over the period 2020 to 2025, to total $99.5 billion by 2025.
  • Shipments of fasteners from Turkey will rise sharply too by 34% from 2020 to 2025, to reach $805 million, accounting for 34.4% of total African/Mideast industrial fastener shipments, the study shows.

 

Source:  Global Industrial Fasteners Report by Product and Market, 9th Edition, Freedonia Group

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